Atresmedia Corporación de Medios de Comunicación (A3M) Q2 2024 earnings summary

Executive summary

• All operating markets showed positive figures in H1 2024, with TV and radio advertising markets growing 5%-6% year-on-year.

• Audience leadership maintained in TV and digital, with a 27.1% TV share and Antena 3 as the most viewed channel at 13.0%.

• Digital leadership consolidated with 24-26.1 million unique users and 22 million video hours consumed on Atresplayer, up 23% year-on-year.

• All divisions posted growth, supported by a positive advertising market and strong cash position.

• Paid €54 million in final 2023 dividend, delivering a 30% total shareholder return in H1 2024.

Financial highlights

• Total net revenue reached €523.2 million, up 10.6% year-on-year; EBITDA was €102.1 million, up 15.3%; net profit was €69.1 million, up 15.5%.

• Audiovisual net revenues were €487.1 million, up 10.9% year-on-year; radio net advertising revenue was €41 million, up 6.5%.

• Content production and distribution revenue grew 17.4% to €49 million.

• EBITDA margin at 19.5% for H1 2024; net profit margin increased to 13.2%.

• Net cash position stood at €64-64.4 million at June-end after €54 million dividend payout.

Outlook and guidance

• Positive outlook for full-year 2024, expecting to exceed €1 billion in revenue and maintain operating margins.

• Advertising market expected to see mid-single-digit growth in TV and radio for the year.

• Net cash forecasted at €60-80 million by year-end; dividend policy unchanged with 80% payout.

• Spanish GDP growth for 2024 is forecast at 2.4%, with inflation expected to average 3.2%.

• ECB cut rates to 4.25% in June 2024, with further Euribor declines expected.